LFAI vs. LIBD

Last updated Jun 4, 2026

LFAI (LifeX 2050 Longevity Income ETF) and LIBD (LifeX 2065 Inflation-Protected Longevity Income ETF) are both exchange-traded funds - LFAI is a Government Bonds fund actively managed by Stone Ridge, while LIBD is a Inflation-Protected Bonds fund actively managed by Stone Ridge. Both are actively managed. Over the past year, LFAI returned 4.26% vs 3.91% for LIBD. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

LFAI vs. LIBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LifeX 2050 Longevity Income ETF (LFAI) and LifeX 2065 Inflation-Protected Longevity Income ETF (LIBD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LFAI achieves a -0.43% return, which is significantly lower than LIBD's 0.48% return.

LFAI

• 1D: -0.31%
• 1M: 0.37%
• YTD: -0.43%
• 6M: -1.22%
• 1Y: 4.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LIBD

• 1D: -0.40%
• 1M: 0.93%
• YTD: 0.48%
• 6M: -1.01%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

LFAI vs. LIBD - Yearly Performance Comparison

	2026 (YTD)	2025
LFAI LifeX 2050 Longevity Income ETF	-0.43%	6.42%
LIBD LifeX 2065 Inflation-Protected Longevity Income ETF	0.48%	3.37%

Correlation

The correlation between LFAI and LIBD is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.91

The correlation between LFAI and LIBD has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

LFAI vs. LIBD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LFAI

LFAI Risk / Return Rank: 20
LFAI Sharpe Ratio Rank: 21
LFAI Sortino Ratio Rank: 20
LFAI Omega Ratio Rank: 19
LFAI Calmar Ratio Rank: 20
LFAI Martin Ratio Rank: 20

LIBD

LIBD Risk / Return Rank: 16
LIBD Sharpe Ratio Rank: 17
LIBD Sortino Ratio Rank: 16
LIBD Omega Ratio Rank: 15
LIBD Calmar Ratio Rank: 17
LIBD Martin Ratio Rank: 16

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LFAI vs. LIBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LifeX 2050 Longevity Income ETF (LFAI) and LifeX 2065 Inflation-Protected Longevity Income ETF (LIBD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	LFAI	LIBD	Difference
Sharpe ratio: Return per unit of total volatility	0.68	0.49	+0.19
Sortino ratio: Return per unit of downside risk	1.02	0.75	+0.28
Omega ratio: Gain probability vs. loss probability	1.12	1.08	+0.03
Calmar ratio: Return relative to maximum drawdown	0.81	0.63	+0.17
Martin ratio: Return relative to average drawdown	2.28	1.36	+0.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LFAI vs. LIBD - Sharpe Ratio Comparison

The current LFAI Sharpe Ratio is 0.68, which is higher than the LIBD Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of LFAI and LIBD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LFAI	LIBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	0.49	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	0.29	-0.44

Drawdowns

LFAI vs. LIBD - Drawdown Comparison

The maximum LFAI drawdown since its inception was -8.64%, which is greater than LIBD's maximum drawdown of -7.31%. Use the drawdown chart below to compare losses from any high point for LFAI and LIBD.

Drawdown Indicators

	LFAI	LIBD	Difference
Max Drawdown Largest peak-to-trough decline	-8.64%	-7.31%	-1.33%
Max Drawdown (1Y) Largest decline over 1 year	-5.30%	-6.19%	+0.89%
Current Drawdown Current decline from peak	-3.38%	-3.69%	+0.31%
Average Drawdown Average peak-to-trough decline	-3.52%	-3.20%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	2.89%	-1.02%

Volatility

LFAI vs. LIBD - Volatility Comparison

The current volatility for LifeX 2050 Longevity Income ETF (LFAI) is 2.03%, while LifeX 2065 Inflation-Protected Longevity Income ETF (LIBD) has a volatility of 2.14%. This indicates that LFAI experiences smaller price fluctuations and is considered to be less risky than LIBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LFAI	LIBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	2.14%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	4.42%	5.64%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	6.30%	8.08%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.16%	9.64%	-2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.16%	9.64%	-2.48%

LFAI vs. LIBD - Expense Ratio Comparison

Both LFAI and LIBD have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

LFAI vs. LIBD - Dividend Comparison

LFAI's dividend yield for the trailing twelve months is around 13.55%, more than LIBD's 11.50% yield.

Position	TTM	2025	2024
LFAI LifeX 2050 Longevity Income ETF	13.55%	16.48%	1.91%
LIBD LifeX 2065 Inflation-Protected Longevity Income ETF	11.50%	13.52%	0.00%

Frequently Asked Questions

Can I hold both LFAI and LIBD in my portfolio?

With a correlation of 0.91, LFAI and LIBD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, LFAI or LIBD?

LIBD has higher volatility (2.14%) compared to LFAI (2.03%). In terms of maximum drawdown, LFAI dropped -8.64% vs LIBD's -7.31%.

Which ETF is better, LFAI or LIBD?

On 1-year performance, LFAI leads with 4.26% vs 3.91% for LIBD. Both ETFs have the same 0.25% expense ratio. On volatility, LFAI has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LFAI or LIBD?

Over the 1-year period, LFAI has performed better with a 4.26% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LFAI or LIBD?

LFAI and LIBD have the same expense ratio: 0.25% per year.

Which ETF pays a higher dividend yield, LFAI or LIBD?

LFAI has the higher dividend yield at 13.55%, compared with 11.50% for LIBD.

What is the main difference between LFAI and LIBD?

LFAI is categorized as Government Bonds, while LIBD is Inflation-Protected Bonds.

Which has better risk-adjusted returns?

LFAI currently has the higher Sharpe Ratio (0.68 vs 0.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.